Jim Bisognani: CSNS Theme Auctions Rake in More than $46 Million

Well, my fellow coindexters, the last of the marathon of in-name Central States Numismatic Society (CSNS) sales conducted by Heritage Auctions has been completed. As I mentioned in my previous article, a total of 10 sales carried the moniker of “CSNS” and as the hammer fell on the last lots on May 2, the total proceeds for the US, world, and ancient coins and currency powered to an astounding $46,444,248.

Overall, the results were fabulous. Key coins in Top Pop, consensus rarities, and those boasting exceptional eye-appeal were all highly vetted and the prices realized were very strong, which has become expected in this high-demand market.

Todd Imhof, Executive Vice President at Heritage Auctions, heartily concurred with my assessment, stating that, "These auctions not only reaffirm that position (of strength), it demonstrates the depth of demand at the highest levels of the market and fuels our optimism for what’s ahead."

Leading all coins was this fabulous 1879 Coiled Hair Stella graded NGC PF 67 Cameo, which realized an astounding $2,135,000. Tied for the finest known example in the NGC Census, this fresh to market example easily eclipsed the prior price realized (by 105%!!) for an 1879 Coiled Hair Stella with the same grade.

The previous record was set nearly 13 years ago when Bonham’s sold this PF 67 Cameo as a part of the famed Tacasyl Collection in the early fall of 2013 for $1,041,300. A price increase of 105% for a coin of this stature and price point is amazing, and it confirms the strength in the upper echelon of the market. Further confirmation is the fact that there were 59 active bidders for this record-breaking coin.

I personally have always admired the $4 gold piece (The Stella) and although it also happens to be my mother’s name, that had no influence on my contemplation of acquiring one. And though I never could afford a Coiled Hair example, I almost acquired a Flowing Hair example of the “common” 1879. By the way, I have always personally enjoyed the Flowing Hair example better than the ultra-rare Coiled Hair.

Interestingly, when I was a little coindexter, I had assumed George T. Morgan had designed the Flowing Hair variety, as it was reminiscent of the design on his trademark Morgan Dollar. But actually, it was Charles E. Barber who designed the Flowing Hair variety, and it was Morgan who designed the Coiled Hair variant. So, just how did these numismatic quests almost come to fruition? Well, pull up a chair and read on.

Back in the summer of 1979, I was in my early 20s and still living at home. I just finished my stint working for my first coin dealership, Essex Numismatic Properties, in my native Portsmouth, New Hampshire. Essex was an innovator then, working as a supplier to Wall Street.

In 1977, the firm Shearson Hayden Stone, in a highly unusual move for a Wall Street entity, decided to offer coins as investments along with stocks, bonds, commodities, futures, and other traditional hedge investments. Max Leibler, who was Shearson’s vice president for precious metals at the time, mailed out pamphlets on rare coin acquisitions as an investment medium to thousands of their existing commodity clients.

Mind you, this was back in 1977. The response was incredible. It was more or less perfect timing too, as the metals were on the move and rare coins were back in mainstream conversation — not only as collectibles but touted as investments.

I fondly remember viewing and cataloging the great purchases and whole estate acquisitions made by Rick Bagg and Jim Jelinski, the partners and owners of Essex. Each time after a buying trip, the new inventory was sorted, cataloged, priced, and then both offered up for sale to mainstream collectors and supplied to Shearson for their numismatic investment program.

At that time, I had a small yet diverse group of high-grade coins, which were mostly US coins. I had found a small glass-topped wooden-framed showcase and refurbished it to display them in. I soft tacked a black satin fabric on the bottom and laid out my collection in clear 2x2 flips on top to enhance my viewing enjoyment as it were. Every so often, I would rotate the coins’ positions for a change of pace. This was years prior to third-party grading and encapsulation, so I could display quite a few more coins than the slabs of today would allow. When I wasn’t viewing my collection, I would slide the display case underneath the living room sofa at my parents’ house for safekeeping.

It was early summer 1979, and the metals markets and high-grade and rare coins were raging, much like we have experienced in recent years. One of my old bosses, Jim Jelinski (or “Big Jim”) called and said that he was in the area and would like to stop by.

"Sure, that would be great." I also reminded him that there was a softball game that he was welcome to join that afternoon if he had time. Big Jim said, "Sounds like fun, I always have my batting gloves and mitt in the trunk next to my golf clubs." Before his arrival, I, of course, was compelled to pull my fledgling collection in the display case from under the sofa to show him.

Jelinski arrived around 4 p.m. and after we greeted each other, he spied the showcase, which I had placed strategically on top of the coffee table in the living room. After a few moments of rather intense ogling, Big Jim looked at me and said, "Can I buy some of your coins?"

The thought of selling any of the coins in my collection had never crossed my mind. I just wanted to show Jim my collection as it was. I didn’t think he would actually be interested in buying any of it. So, I responded, "What coins do you want?" Well, that question left the door wide open for what was a big surprise to me when Big Jim uttered, "How much for everything?"

I must admit I was somewhat dumbfounded but also excited. Ten minutes before, I hadn’t any notion of parting with anything from my collection. Now, this coin guy wanted to buy everything I had. I quickly scanned my wares and figured I had about 10 years’ time invested, and around $1,000 real money invested in all that what was in my showcase. I calculated a sum, which I believed would be way too high and bordering on the absurd. "$25,000," I replied.

Big Jim looked down at the collection, and I could see his eyes race over the coins. I recall thinking, "Oh, my god, he is actually seriously contemplating buying my collection!" Without looking up, Jim repeated, "I can have all these coins for $25,000?"

I then felt a little queasy and scared inside; my heart was palpitating. I developed a bit of a cold sweat on my brow, as I realized that Big Jim was serious about my price. So, I quickly countered with, "But I don’t want to sell everything. I mean, this is my whole collection." Then, in a mild capitulation, Big Jim countered with, "Well, you gotta sell me a few of your great coins."

With that said, my mind raced and a distinct image of a $4 Flowing Hair gold Stella appeared before my eyes. I thought that maybe I could buy a nice one if I sold my entire collection. I then quickly realized that for all intents and purposes, I would have a "one-coin collection." It would certainly be great to look at, yet even with the elation of that coin it would still be only one coin. I was sure that boredom would set in, and the fact that I would literally have to start from scratch to build up a collection made me sad. In the interim, that showcase would be mighty bare.

Then I quickly shut down these thoughts about a Stella with the sobering realization that I did not want a one-coin collection. So instead, Big Jim and I bartered. I did capitulate and ultimately sold a few coins to him for the princely sum of $5,000. Who knows? Today, as this coindexter is getting up in years, maybe downsizing to just a handful of nice coins would be quite tempting.

So, my fellow coindexters, if your private collection has become large, and you are in line for a substantial profit if you were to liquidate, perhaps the notion of transitioning to and targeting a single treasure coin or two may be a viable and exciting opportunity. This could be especially enticing for those of us coindexters of a more advanced age.

Maybe a Stella, Una and the Lion, or perhaps some superb NGC Ancient Roman and Greek coins in Mint State with 5/5 Strike and 5/5 Surface could be on your coin bucket list. So, perhaps now is a fortuitous time to downsize those thousands of coins you accumulated through the years and recycle them as they would surely be fresh to the market. Enjoy the profit and select a handful that perhaps you thought you could never have afforded.

Personally, as I look back to that day nearly 47 years ago, I’m glad that I didn’t pull the trigger and part with my entire collection. Of course, it would have been a lot easier to try to start over than trying to start over today, as the demand for virtually every quality US, world, and ancient coin that becomes available is subject to heightened demand and prices.

Besides, many of the coins that I’ve had for more than 60 years are still in my possession. I consider them old friends that I love to visit on occasion by simply picking up an old red cardboard box holding scores of those 2x2 white cardboard-encased coins, which I can become reacquainted with and enjoy the hobby for itself.

Until next time, be safe, and happy collecting!

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